Fidelity Covington Trust Etf Market Value
| FMDE Etf | 34.97 0.40 1.16% |
| Symbol | Fidelity |
The market value of Fidelity Covington Trust is measured differently than its book value, which is the value of Fidelity that is recorded on the company's balance sheet. Investors also form their own opinion of Fidelity Covington's value that differs from its market value or its book value, called intrinsic value, which is Fidelity Covington's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Fidelity Covington's market value can be influenced by many factors that don't directly affect Fidelity Covington's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Fidelity Covington's value and its price as these two are different measures arrived at by different means. Investors typically determine if Fidelity Covington is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Fidelity Covington's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.
Fidelity Covington 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to Fidelity Covington's etf what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of Fidelity Covington.
| 12/06/2022 |
| 11/25/2024 |
If you would invest 0.00 in Fidelity Covington on December 6, 2022 and sell it all today you would earn a total of 0.00 from holding Fidelity Covington Trust or generate 0.0% return on investment in Fidelity Covington over 720 days. Fidelity Covington is related to or competes with JPMorgan Fundamental, Vanguard Mid, SPDR SP, SPDR SP, Direxion Daily, DBX ETF, and Nuveen ESG. Fidelity Covington is entity of United States More
Fidelity Covington Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure Fidelity Covington's etf current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess Fidelity Covington Trust upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 0.6767 | |||
| Information Ratio | 0.0898 | |||
| Maximum Drawdown | 3.77 | |||
| Value At Risk | (0.84) | |||
| Potential Upside | 1.47 |
Fidelity Covington Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Fidelity Covington's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Fidelity Covington's standard deviation. In reality, there are many statistical measures that can use Fidelity Covington historical prices to predict the future Fidelity Covington's volatility.| Risk Adjusted Performance | 0.1956 | |||
| Jensen Alpha | 0.0803 | |||
| Total Risk Alpha | 0.0671 | |||
| Sortino Ratio | 0.1054 | |||
| Treynor Ratio | 0.2076 |
Sophisticated investors, who have witnessed many market ups and downs, anticipate that the market will even out over time. This tendency of Fidelity Covington's price to converge to an average value over time is called mean reversion. However, historically, high market prices usually discourage investors that believe in mean reversion to invest, while low prices are viewed as an opportunity to buy.
Fidelity Covington Trust Backtested Returns
At this point, Fidelity Covington is very steady. Fidelity Covington Trust secures Sharpe Ratio (or Efficiency) of 0.23, which denotes the etf had a 0.23% return per unit of risk over the last 3 months. We have found thirty technical indicators for Fidelity Covington Trust, which you can use to evaluate the volatility of the entity. Please confirm Fidelity Covington's Coefficient Of Variation of 392.78, mean deviation of 0.6166, and Downside Deviation of 0.6767 to check if the risk estimate we provide is consistent with the expected return of 0.18%. The etf shows a Beta (market volatility) of 0.93, which means possible diversification benefits within a given portfolio. Fidelity Covington returns are very sensitive to returns on the market. As the market goes up or down, Fidelity Covington is expected to follow.
Auto-correlation | 0.90 |
Excellent predictability
Fidelity Covington Trust has excellent predictability. Overlapping area represents the amount of predictability between Fidelity Covington time series from 6th of December 2022 to 1st of December 2023 and 1st of December 2023 to 25th of November 2024. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of Fidelity Covington Trust price movement. The serial correlation of 0.9 indicates that approximately 90.0% of current Fidelity Covington price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.9 | |
| Spearman Rank Test | 0.65 | |
| Residual Average | 0.0 | |
| Price Variance | 0.12 |
Fidelity Covington Trust lagged returns against current returns
Autocorrelation, which is Fidelity Covington etf's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting Fidelity Covington's etf expected returns. We can calculate the autocorrelation of Fidelity Covington returns to help us make a trade decision. For example, suppose you find that Fidelity Covington has exhibited high autocorrelation historically, and you observe that the etf is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
Fidelity Covington regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If Fidelity Covington etf is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Fidelity Covington etf is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Fidelity Covington etf over time.
Current vs Lagged Prices |
| Timeline |
Fidelity Covington Lagged Returns
When evaluating Fidelity Covington's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Fidelity Covington etf have on its future price. Fidelity Covington autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, Fidelity Covington autocorrelation shows the relationship between Fidelity Covington etf current value and its past values and can show if there is a momentum factor associated with investing in Fidelity Covington Trust.
Regressed Prices |
| Timeline |
Also Currently Popular
Analyzing currently trending equities could be an opportunity to develop a better portfolio based on different market momentums that they can trigger. Utilizing the top trending stocks is also useful when creating a market-neutral strategy or pair trading technique involving a short or a long position in a currently trending equity.When determining whether Fidelity Covington Trust is a strong investment it is important to analyze Fidelity Covington's competitive position within its industry, examining market share, product or service uniqueness, and competitive advantages. Beyond financials and market position, potential investors should also consider broader economic conditions, industry trends, and any regulatory or geopolitical factors that may impact Fidelity Covington's future performance. For an informed investment choice regarding Fidelity Etf, refer to the following important reports:Check out Fidelity Covington Correlation, Fidelity Covington Volatility and Fidelity Covington Alpha and Beta module to complement your research on Fidelity Covington. You can also try the Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
Fidelity Covington technical etf analysis exercises models and trading practices based on price and volume transformations, such as the moving averages, relative strength index, regressions, price and return correlations, business cycles, etf market cycles, or different charting patterns.